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Retirement Savings: How Much Should I Save Each Month?2.50% 24-Month CD & an Equity Index CD at BBVA Compass in Several States
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POSTED
ON BY Ken Tumin
BBVA Compass continues to offer a competitive rate of 2.50% APY on its 2-year CD. Minimum deposit is $5,000. This rate is listed on the bank's rate table as of 9/08/09. Note, they have separate CD rate tables for the different regions. I've checked most of these, and they all have the 2.50% APY for the 24-month term. This is the only CD term with a competitive rate.
Guaranty Bank is also offering a 2.50% APY 24-month CD at its branches in California and Texas. This rate is listed at the bank's rate sheets as of 9/08/09. Guaranty Bank was closed by federal regulators on August 21st. BBVA Compass then took over the bank through an agreement with the FDIC. Guaranty Bank had been offering a very competitive 14-month CD a week after it was closed. Now the rates seem comparable to what BBVA Compass offers. When I called Guaranty Bank regarding that old 14-month CD, I was told CA and TX residents could apply by phone (see post).
Equity Index Power CD
BBVA Compass is once again offering a new equity indexed Power CD. It's a 4-year CD that has the potential to earn 4% APY each year. However, this only occurs if the S&P 500 Index is equal or higher on an anniversary date, than the S&P 50 Index on the issue date. Otherwise no interest payment will be made for that year, but your principal remains protected. The offer is only available through September 18, 2009.
Back in March I reviewed a previous Power CD offering from Compass. I discussed some issues to consider about these types of CDs, and commenters provided some additional issues.
Locations
To open an account at BBVA Compass, you must reside in one of Compass's market areas which include Alabama, Arizona, Colorado, Florida, New Mexico and Texas. Guaranty Bank (now part of Compass) has branches in California and Texas.
Financial/FDIC Overview
BBVA Compass used to be just Compass Bank. It was rebranded after Compass was acquired by Banco Bilbao Vizcaya Argentaria, the second largest bank in Spain. The bank is still called Compass Bank in the FDIC database with a FDIC certificate # 19048.
BBVA Compass Bank has fair ratings for safety and soundness: 3 stars (performing) at Bankrate and 3½ stars (good) at BauerFinancial. Both ratings are based on 3/31/09 financial data.
Other Competitive Certificate of Deposit Rates
Guaranty Bank is also offering a 2.50% APY 24-month CD at its branches in California and Texas. This rate is listed at the bank's rate sheets as of 9/08/09. Guaranty Bank was closed by federal regulators on August 21st. BBVA Compass then took over the bank through an agreement with the FDIC. Guaranty Bank had been offering a very competitive 14-month CD a week after it was closed. Now the rates seem comparable to what BBVA Compass offers. When I called Guaranty Bank regarding that old 14-month CD, I was told CA and TX residents could apply by phone (see post).
Equity Index Power CD
BBVA Compass is once again offering a new equity indexed Power CD. It's a 4-year CD that has the potential to earn 4% APY each year. However, this only occurs if the S&P 500 Index is equal or higher on an anniversary date, than the S&P 50 Index on the issue date. Otherwise no interest payment will be made for that year, but your principal remains protected. The offer is only available through September 18, 2009.
Back in March I reviewed a previous Power CD offering from Compass. I discussed some issues to consider about these types of CDs, and commenters provided some additional issues.
Locations
To open an account at BBVA Compass, you must reside in one of Compass's market areas which include Alabama, Arizona, Colorado, Florida, New Mexico and Texas. Guaranty Bank (now part of Compass) has branches in California and Texas.
Financial/FDIC Overview
BBVA Compass used to be just Compass Bank. It was rebranded after Compass was acquired by Banco Bilbao Vizcaya Argentaria, the second largest bank in Spain. The bank is still called Compass Bank in the FDIC database with a FDIC certificate # 19048.
BBVA Compass Bank has fair ratings for safety and soundness: 3 stars (performing) at Bankrate and 3½ stars (good) at BauerFinancial. Both ratings are based on 3/31/09 financial data.
Other Competitive Certificate of Deposit Rates
